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Samsung NEXT and HYPR say passwords should be a thing of the past

By Marcus Wong - on 15 Aug 2019, 8:29pm

Samsung NEXT and HYPR say passwords should be a thing of the past

Today, all our data is stored in centralized repositories alongside profiles of hundreds of millions of other people. That’s a serious honeypot for people who want that data.

Gus Warren, Managing Director of Samsung NEXT

Centralized data storage of passwords and personal identifiable information are hot targets for hackers, as a single successful breach can net them access to thousands or millions of accounts. Creating passwords tends to be a choice between security and ease-of-use. The hassle of creating secure passwords for each and every account means we typically reuse passwords, which is a large vulnerability.

That’s probably why Samsung NEXT invested into Cybersecurity startup HYPR, as their advanced cybersecurity solutions include password-less security on smartphones and laptops.HYPR’s technology uses biometric encryption with data storage and processing taking place on individual devices rather than on a central server.

For example, consumers could use HYPR’s technology to login to a banking app on their smartphone using biometrics, at which point the bank would push a decentralized authentication token to the mobile device to give the user instant access.

HYPR's solutions could mean no more passwords to remember.

This distributed computing model forces hackers to break into each device separately; a much more time-consuming challenge. We’ll have to adjust some old habits of course, but with our smartphones already training us to use biometrics on a daily basis, it’s easy to see how this can quickly become more widespread.

You need to be able to authenticate with something other than a password, whether it’s a fingerprint, facial ID, or voice recognition. You simply can’t have passwordless security without the smartphone.

George Avetisov, HYPR CEO and co-founder

Because a breach of a central repository of data can cost a company as much as US$15 per record, Warren believes that executives will realize the financial incentives of password-less technology sooner rather than later.

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